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Fill in the blanks in the table showing the relationship between units sold, total income, total cost, and profit.
Economics
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Step-by-step solution
13 stepsHere are the calculations for the missing values in the table:
- a) Total profits for 2 units sold:
Identify Total Income (TR) and Total Cost (TC) for 2 units.
$$ TR = 18 $$ $$ TC = 11 $$Calculate Total Profits (TP) using the formula .
$$ TP = 18 - 11 = 7 $$ The value for (a) is $\boxed{\text{7}}$.- b) Total profits for 4 units sold:
Identify Total Income (TR) and Total Cost (TC) for 4 units.
$$ TR = 28 $$ $$ TC = 19 $$Calculate Total Profits (TP) using the formula .
$$ TP = 28 - 19 = 9 $$ The value for (b) is $\boxed{\text{9}}$.- d) Profit per unit for 1 unit sold:
Identify Total Income (TR) and Total Cost (TC) for 1 unit.
$$ TR = 10 $$ $$ TC = 8 $$Calculate Total Profits (TP) using the formula .
$$ TP = 10 - 8 = 2 $$Calculate Profit per unit using the formula .
$$ Profit\ per\ unit = \frac{2}{1} = 2 $$ The value for (d) is $\boxed{\text{2}}$.- e) Profit per unit for 3 units sold:
Identify Total Income (TR) and Total Cost (TC) for 3 units.
$$ TR = 24 $$ $$ TC = 14 $$Calculate Total Profits (TP) using the formula .
$$ TP = 24 - 14 = 10 $$Calculate Profit per unit using the formula .
$$ Profit\ per\ unit = \frac{10}{3} \approx 3.33 $$ The value for (e) is $\boxed{\text{3.33}}$.- f) Profit per unit for 5 units sold:
Identify Total Income (TR) and Total Cost (TC) for 5 units.
$$ TR = 30 $$ $$ TC = 23 $$Calculate Total Profits (TP) using the formula .
$$ TP = 30 - 23 = 7 $$Calculate Profit per unit using the formula .
$$ Profit\ per\ unit = \frac{7}{5} = 1.4 $$ The value for (f) is $\boxed{\text{1.4}}$.
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